Is there any prohibition in placing money in a bank and paying its zakah? The reason for placing it in the bank is to insure it, because its presence in the house is feared for.

The questioner : Is there any prohibition in placing money in a bank and paying its zakah? The reason for placing it in the bank is to insure it, because its presence in the house is feared for.

The Shaykh : It is not permissible to engage in this transaction in any way whatsoever. He should fear Allah (Mighty and Majestic), for fearing Allah is the cause of Allah’s care for His servant, not His disobedience. Allah (Mighty and Majestic) says, as every Muslim knows, and I do not know how Muslims overlook this reality. This question is repeated, and by Allah (Mighty and Majestic), He says: . Today, Muslims deal with issues exactly as the disbelievers do. If you ask a disbeliever, “Why do you put your money in the bank?” he says, “I am afraid that if I put my money in the house, I will become a target for thieves, and perhaps they will kill me, let alone rob me of my money.” This disbeliever is excused because he does not believe in Allah (Mighty and Majestic). But what is the excuse for the believer who repeats this himself? At the very least, it is constantly and eternally repeated in his hearing on the radio, on other radios, and in private lessons: . This is from one aspect. From another aspect, if it is absolutely necessary, he should take the means to protect his wealth. Of course, we tell him: it is obligatory for you to take the means, but on the condition that they are in accordance with the Shari'ah and not contrary to it. So, if you are sincere in placing your money in the bank out of fear of thieves, then place your money in a private safe in the bank for which you pay an annual fee, and the bank’s hand does not reach your money.

Another questioner : It is cancelled, Professor.

Another questioner : This is cancelled.

The Shaykh : What we know is cancelled. We know it exists as a factual reality. And Allah knows best.